The tech industry is in a AI bubble

by Narrow_Meeting3126

I just read a report that Goldman Sachs is predicting 300 millions jobs lost or degraded by AI. In my opinion, we will see nowhere near this number of jobs lost (if at all). It’s amazing how over speculated the tech industry is now. NVDA rallying 20% just because they mention AI in their earnings call? AI is a giant marketing fad. Wall Street has become obsessed over its perceived exponential growth which will soon grind to a halt. You can only scale a model so much before you start to see diminishing returns. Sam Altman, CEO of OpenAI, has even stated that this is a huge problem and why a GPT 5 isn’t being worked on at the moment. These LLMs also steal data and tend to hallucinate constantly. This has been seen with it making up the random case law a lawyer tried to use. Good luck putting this into any business that values risk management. Once this is regulated and things come back down to Earth the business world is in for a huge awakening because tech is no where near as profitable and revolutionary as many of these companies still claim to be. Look at Tesla’s “self driving” being a complete failure in actually delivering what was promised. It’s recent leaks show insult to injury with its thousands of “Full Self-Driving” complaints. There have been no notable advancements since 2017 in AI (with the Vaswani et al paper), but these companies and singularity loving redditors would love for you to believe so. This type of “AI” is nothing but a trend, and an arguably unethical one at that. It has the potential to boost productivity substantially, but it’s as close to replacing white collar workers as robots are to replacing blue collar ones due to its lack of high level reasoning. True general intelligence to replace workers advances incrementally which is still up for debate if it can even be done at all.

TL;DR: AI is not going to replace nearly as many jobs as people think, it’s mostly a marketing fad, and the business world is in for a rude awakening when they realize that tech is not nearly as profitable or revolutionary as they claim.